India’s rich cumulatively constitute INR 108 lakh crore of wealth in 2023: 360 ONE Wealth Hurun India Rich List 2023
by Prashant Kapadia/NHN
● Hurun India finds 1,319 individuals with INR 1,000 crore wealth, up by 219, an increase of 76% over the last five years
● 278 are new faces, with a total of INR 7,28,200 crore; Of which Industrial Products is the fastest growing industry, adding 33 new faces followed by Metals & Mining industry adding 29 new faces
● With INR 8,08,700 crore, Mukesh Ambani (66) overtakes Gautam Adani (61), to secure the richest Indian title
● Kumar Mangalam Birla & Niraj Bajaj Family make noteworthy comeback, oust Vinod Adani & Uday Kotak from India’s Top 10 List
● Radha Vembu (50) of Zoho overtakes Falguni Nayar (60) to become the richest self-made Indian woman in the 360 One Wealth Hurun India Rich List 2023
● 12 people born in 90s made to the list, all self-made. Bengaluru -based Kaivalya Vohra, 20, of grocery delivery app Zepto is the youngest self-made and the youngest rich individual. Co-founder of Confluent, a streaming data technology company, Neha Narkhede aged 38 is the youngest self-made woman entrepreneur in India
● 12 individuals worth INR 1 lakh crore or more, same as last year’s 360 ONE Wealth Hurun Wealth India Rich List
● Age has no bar: at the age of 94, Mahendra Ratilal Mehta founder of Precision Wires India company debuted the 360 One Wealth Hurun India Rich List 2023
● India gained 2 new billionaires every three weeks in the past year, now boasting 259 US dollar billionaires, marking a 4.4-fold increase in 12 Years
● With 39 entrepreneurs, pharmaceuticals sector minted the greatest number of dollar billionaires followed by Chemicals & Petrochemicals (23) and Automobile & Auto Components (22)
● 51 individuals saw their wealth double this year compared to 24 last year, led by 12 from Industrial Products and followed by Pharmaceuticals with 5 individuals
● A record 871 entrepreneurs or 66% are self-made, up from 735 last year, and up from 367(54%) five years ago. 67% (186) of new faces this year are self-made.
● With 328 individuals, Mumbai tops the India Rich list followed by New Delhi (199) and Bengaluru (100); for the first time, Tiruppur debuted in the top 20 cities producing the greatest number of entrants.
● 21 new cities made their debut in the list. Notably, Ranga Reddy, Rajnandgaon, and Ghaziabad each contributed more than one entrepreneur to this year’s list
● The cumulative wealth contributed by the Indian Unicorn and Gazelle listers to the rich list down by 16%. 59 founders of 33 unicorns made it to the 360 ONE Wealth Hurun India Rich List 2023.
● With INR 3,000 crore, Manish Kejriwal of Kedaara Capital becomes first Indian private equity fund manager on 360 One Wealth Hurun India Rich List.
● 85% of entrepreneurs listed on the 360 ONE Wealth Hurun Wealth India Rich List are above 50 years old, while only 0.6% are below 30.
● More than a quarter or 344 entrepreneurs on the list are second-generation
● Star signs: adding 35% wealth, Pisces retains the top spot followed by Taurus and Libra. Overall, Virgo made the best entrepreneurs in India, leading the way with 9.6% of the list, followed by Scorpio and Pisces.
Mumbai, October 2023: Hurun India and 360 ONE Wealth today released the 360 ONE Wealth Hurun India Rich List 2023. This list refers to individuals residing or born and bred in India. This is the 12th annual ranking of the richest individuals in India. Wealth calculations are a snapshot as of 30th August 2023.
1,319 individuals, (up by216) across 138 cities, (up by 16) have INR 1,000 crore in the 360 ONE Wealth Hurun India Rich List 2023. Cumulative wealth has increased by 8.5%, while average wealth has decreased by 9.3%. 1,054 individuals saw their wealth increase or stay the same, of which 278 are new faces, whilst 264 saw their wealth drop and there were 55 dropouts. India has 259 billionaires, up 38 compared to last year. While Industrial Products, Metals & Mining added the greatest number of new entrants to the list, Pharma is still at number one and has contributed 133 entrants to the list. The youngest on the list is aged 20.
Commenting on the launch, Yatin Shah, Co-Founder of 360 ONE & Joint CEO, 360 ONE Wealth, said, “The release of the 360 ONE Wealth Hurun India Rich List 2023 is a testament to the remarkable growth and dynamism of India’s economy. With 1,319 individuals now possessing INR 1,000 Crore or more, we are witnessing a remarkable surge, up by 76% over the last five years. The cumulative wealth of our listers has surged to INR 109 Lakh Crore, surpassing the combined GDP of Singapore, UAE, and Saudi Arabia. This year’s list highlights the immense entrepreneurial spirit of the country, with 64% being self-made. It’s a privilege for us at 360 ONE Wealth to partner with Hurun on this annual showcase of India’s wealthiest individuals, highlighting their contributions to the nation’s economic growth.”
Commenting on the launch, Anirudha Taparia, Co-Founder & Joint CEO, 360 ONE Wealth, said, “The unveiling of the 360 ONE Wealth Hurun India Rich List 2023 is a testament to the ever-evolving economic landscape of our nation. The growing list is emblematic of India’s entrepreneurial prowess. Over the past five years, many entrepreneurs have witnessed extraordinary wealth growth, some experiencing an astonishing 1,000% surge. Construction and engineering emerge as the top gainers in the top 100 list, followed closely by pharmaceuticals which has a cut-off of ~INR 20,000 crore. With 262 new entrants spanning 30 industries and 61 cities, the 360 ONE Wealth Hurun India Rich List 2023 reflects a dynamic and diverse economic landscape. We at 360 ONE Wealth take pride in our role in showcasing the exceptional achievements of India’s business leaders.”
Commenting on the launch, Anas Rahman Junaid, MD and Chief Researcher, Hurun India, said, “The trends in 360 ONE Wealth Hurun India Rich List 2023 prove that India is a “shining moon” in a global economy that is exploring every avenue for a soft landing to avoid recession. While the China Rich List remained stagnant this past year, India welcomed 278 fresh faces and an impressive 38 new billionaires, even in what’s termed a ‘challenging year.’ This surge in billionaire emergence is the second most prolific since the inception of our list. As the global economy steadies, we anticipate an even swifter ascent in India’s wealth trajectory.”
“The 360 ONE Wealth Hurun India Rich List 2023 illustrates a pivotal shift in India’s economic landscape: from a dominant services-driven model to a burgeoning manufacturing powerhouse. In the 2012 India Rich List, Software and Services led the wealth generation; today, manufacturing commands the top three spots, relegating Software and Services to the fourth position.”
“The evolution of wealth creation in 360 ONE Wealth Hurun India Rich List speaks about the story of Indian economy.”
“A notable addition to this year’s 360 Wealth Hurun India Rich List is Manish Kejriwal of Kedaara Capital, who is the first Indian Private Equity fund manager to enter the list. This is strong evidence that private equity industry, which plays a key role in nation building by way of providing capital, will add more entrants to the list in the coming years. To give a comparison, the Hurun US billionaires list has 12 billionaire PE fund managers and we are yet to track a billionaire from the sector.”
“From Tata to Birla, India has fostered some of the world’s most esteemed family business dynasties. Nearly 60% of the 360 ONE Wealth Hurun India Rich List is poised for intergenerational wealth transfer within the next decade. With the backing of professional managers and investors, the emerging leaders in these families are set to accelerate wealth creation in these businesses.”
“The Indian wealth creation narrative is genuinely inspiring, with 66% of the list being self-made, a significant increase from 54% five years ago. Additionally, 67% of the new entrants this year are self-made individuals. The powerful wealth creation engine, propelled by first-generation entrepreneurs, contributes to 57% of the cumulative wealth on the list.”
“The Indian economy is thriving across sectors. Nearly every industry welcomed new faces, with the exception of Edtech, which lost three individuals primarily due to valuation markdowns. Industrial Products emerged as the top-performing sector, introducing 33 new entrants this year and contributing significantly to the absolute wealth created, totaling INR 227,700 crore. The Energy and Infrastructure sector, notably due to the Adani wealth decline following the Hindenburg report, and the EdTech, primarily due to valuation markdowns by Global PE investors, experienced the most significant setbacks in this year’s list.”
“The BSE Capital index achieved an all-time high, with a remarkable 40% return during the review year. This surge was primarily driven by heightened government spending on infrastructure projects, propelling the Industrial Products sector to outperform. In the 360 ONE Wealth Hurun India Rich List 2023, the Industrial Products sector emerged as the top performer, welcoming 48 new entrepreneurs and witnessing a staggering 147% increase in cumulative wealth compared to the previous year.”
“Rising discretionary spending, increased financial literacy, and the catalytic impact of the COVID-19 pandemic drove up the active retail investors in Indian stock market. This surge in stock market participants, as mirrored by the historic highs of SENSEX and NIFTY, saw tech-powered stockbrokers like Zerodha, Angel One and Upstox who cumulatively added adding INR 20,900 crores to their wealth. With just 3% of Indian households active in the stock market compared to 55% in the US and 13% in China, the network effect created by these brokers, and the potential for additional revenue streams, suggests this sector could become this decade’s one of the most profound wealth creation narrative.”
“Although the startup ecosystem has showcased strength across diverse sectors, it has not been without its setbacks. The ‘funding winter’ and its ripple effects led to startup founders on the 360 ONE Wealth Hurun India Rich List experiencing a collective wealth dip of INR 85,000 Crore. Recent policies, like the retrospective GST imposition on gaming companies and the angel tax and so on, could potentially hinder long-term wealth generation by startups.”
“However, amidst these challenges, there is optimism as some IPOs that stumbled last year are making a comeback. Notably, entrepreneurs like Deepinder Goyal of Zomato and Yashish Dahiya of PB Fintech have seen their wealth increase by over 70%, suggesting that startup wealth creation will persist, albeit within a changing landscape.”
“The pattern of wealth creation in India has become more decentralized and widespread. Over the last decade, the number of Indian cities represented in the rich list has surged to 95, up from 10. Considering this trend, it is anticipated that each of the government’s planned 100 smart cities will have a wealthy individual within the next year.”
“In this year’s edition, 21 new cities made their debut in the list. Notably, Ranga Reddy, Rajnandgaon, and Ghaziabad each contributed more than one entrepreneur to this year’s list. Interestingly, Karnataka added four more new cities to the list.”
“Despite a 3% appreciation of the US dollar against the Indian Rupee during the period under review, India managed to add 38 billionaires this year, bringing the total count of Indian-origin billionaires to 259. If calculated at last year’s exchange rate, the number of dollar billionaires would have increased by 12 to 271. India welcomed two new billionaires every three weeks last year.”